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Falls City to Re-Issue Library and Aquatic Park Bonds

By John Nixon

04/22/2014

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Falls City Library and Arts Center

(KLZA) -- The Falls City Council approved a plan to save approximately $135,000 in bond payments on the aquatic park and library when they met Monday evening. Blaine Spady with bond underwriters Smith Hayes has been working with the City and has found some better bond rates. Currently the city is paying 3.31 percent on the aquatic park bonds and approximately 3.7 percent on the library bonds. The re-issued bonds would have an interest rate of approximately 1.75 percent.

Spady said by re-issuing the bonds the annual payment will remain about the same amount, cut a year off of the debt service while saving aobut $135,000.

Currently the total owed on the aquatic park bonds is approximately $1,725,000 and the library bonds total approximately $1,220,000.

Council members voted to waive the three readings of the resolution and approved the action on the bonds Monday evening.

Council members heard the quarterly EDGE report form Executive Director Beckie Cromer Monday night. She noted the Wilderness Falls II housing addition will not get funded this year. Excel Development said the application came up just short of the score needed for the funding. They plan to apply again in 2015.

On a 5-1 vote with Council member Judy Murphy casting the dissenting vote the Council gave favorable comment to an application for a Class A-B liquor license for A & G Steakhouse and Pizza. The license will allow both on and off sale for beer.

Approval was given to a request to limit the length of time for parking in the two stalls in front of Falls City Auto Supply in the 1800 block of Stone Street to 15 minutes between 8 a-m and 5 p-m Monday through Friday. The vote was 5-1 with Councilman Don Ferguson casting the nay vote. Council members Jim Wisdom and Kirby Robidoux were not at the meeting.